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Volkswagen Financial Services Ag Key Figures VOLKSWAGEN FINANCIAL SERVICES AG € million (as of Dec. 31) 2020 2019 Total assets 117,845 112,444 Loans to and receivables from customers attributable to Retail financing 21,006 20,712 Dealer financing 4,272 5,413 Leasing business 39,984 39,951 Lease assets 27,311 22,776 Equity 12,760 12,029 Operating profit 1,223 1,223 Profit before tax 1,038 1,264 in percent (as of Dec. 31) 2020 2019 Cost/income ratio1 57 54 Equity ratio2 10.8 10.7 Return on equity3 8.4 12.6 Number (as of Dec. 31) 2020 2019 Employees 10,880 10,773 Germany 5,789 5,763 International 5,091 5,010 1 General and administrative expenses, adjusted for expenses passed on to other entities in the Volkswagen Group / interest income from lending transactions and marketable securities, net income from leasing transaction, interest expenses, net income from service contracts, net income from insurance business, provision for credit risks and net fee and commission income. 2 Equity/total assets. 3 Profit before tax / average equity. RATING (AS OF DEC. 31 ) STANDARD & POOR’S MOODY’S INVESTORS SERVICE Short­term Long­term Outlook Short­term Long­term Outlook Volkswagen Financial Services AG A­2 BBB+ negative P­2 A3 negative All figures shown in the report are rounded, so minor discrepancies may arise when amounts are added together. The comparative figures from the previous fiscal year are shown in parentheses directly after the figures for the current fiscal year. COMBINED MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS ADDITIONAL INFORMATION 04 Fundamental Information about the Group 43 Income Statement 171 Responsibility Statement 08 Report on Economic Position 44 Statement of Comprehensive Income 172 Independent Auditor’s Report 19 Volkswagen Financial Services AG 45 Balance Sheet 179 Report of the Supervisory Board (Condensed, in accordance with the 47 Statement of Changes in Equity HGB) 48 Cash Flow Statement 22 Report on Opportunities and Risks 49 Notes to the Consolidated Financial 31 Human Resources Report Statements 36 Report on Expected Developments COMBINED MANAGEMENT REPORT 04 Fundamental Information about the Group 08 Report on Economic Position 19 Volkswagen Financial Services AG (Condensed, in accordance with the HGB) 22 Report on Opportunities and Risks 31 Human Resources Report 36 Report on Expected Developments 4 Fundamental Information about the Group Combined Management Report Fundamental Information about the Group Volkswagen Financial Services AG and its companies are providers of comprehensive mobility services. BUSINESS MODEL ORGANIZATION OF THE VOLKSWAGEN FINANCIAL SERVICES AG Over the years, the companies in the Volkswagen Financial GROUP Services AG Group have evolved increasingly dynamically The companies of the Volkswagen Financial Service AG Group into providers of comprehensive mobility services. The key provide financial services to private, corporate and fleet cus­ objectives of Volkswagen Financial Services AG are: tomers. The close integration of marketing, sales and cus­ tomer service focused on customers’ needs should play a > To promote Group product sales for the benefit of the decisive role in keeping the processes lean and implementing Volkswagen Group brands and the partners appointed to the sales strategy efficiently. distribute these products > To strengthen customer loyalty to Volkswagen Financial INTERNAL MANAGEMENT Services AG and the Volkswagen Group brands along the The Company’s key performance indicators are determined automotive value chain (among other things, by targeted on the basis of IFRSS and are presented as part of the internal use of digital products and mobility solutions) reporting system. The most important non­financial perfor­ > To create synergies for the Group by pooling Group and mance indicators are penetration, current contracts and new brand requirements in relation to finance and mobility contracts. The financial key performance indicators are the services volume of business, operating result, return on equity and > To generate and sustain a high level of return on equity for the cost/income ratio. the Group Volkswagen Financial Services AG | Annual Report 2020 Combine d Management Report Fundamental Information about the Group 5 KEY PERFORMANCE INDI CATO RS Definition Nonfinancial performance indicators Penetration Ratio of new contracts for new Group vehicles under retail financing and leasing business to deliveries of Group vehicles, based on Volkswagen Financial Services AG’s consolidated entities. Current contracts Contracts recognized as of the reporting date New contracts Contracts recognized for the first time in the reporting period Financial performance indicators Volume of business Loans to and receivables from customers arising from retail financing, dealer financing, leasing business and lease assets. Operating result Interest income from lending transactions and marketable securities, net income from leasing transactions, interest expense, net income from service contracts, net income from insurance business, provision for credit risks, net fee and commission income, net gain or loss on hedges, net gain or loss on financial instruments measured at fair value and on derecognition of financial assets measured at fair value through other comprehensive income, general and administrative expenses and net other operating income/expenses Return on equity Return on equity before tax, which is calculated by dividing profit before tax by average equity. Cost/income ratio General and administrative expenses, adjusted for expenses passed on to other entities in the Volkswagen Group / interest income from lending transactions and marketable securities, net income from leasing transaction, interest expenses, net income from service contracts, net income from insurance business, provision for credit risks and net fee and commission income. OTHER NONFINANCIAL P ERFORMANCE INDICATORS CHANGES IN EQUITY INVESTMENTS Customer satisfaction and external employer ranking are also The following material changes in equity investments have measured. occurred: Effctive January 16, 2020, Volkswagen Financial Services Customer Satisfaction AG, Braunschweig, acquired ca. 4 % of the shares in sunhill Achieving a high level of customer satisfaction is a key objec­ technologies GmbH, Erlangen, from the previous minority tive of Volkswagen Financial Services AG’s activities: the aspi­ shareholders thereby increasing its shareholding to 100 %. ration is to ensure that customers are completely satisfied. On February 3, 2020, Volkswagen Pon Financial Services With this in mind, Volkswagen Financial Services AG has B.V., Amersfoort, Netherlands, (60 % of the shares in which are determined the level of both external and internal customer held by Volkswagen Finance Overseas B.V., Amsterdam, Neth­ satisfaction in its markets over the last few years. The key erlands) acquired 57.97 % of the shares in the leasing compa­ figures that have been used to date are now being revised ny Muntstad Auto Lease B.V., Zeist, Netherlands, from Phima within the Volkswagen Group in response to the changes in B.V., Nijkerk, Netherlands. customer needs, the product offering and the strategic focus Effective February 14, 2020, Volkswagen Finance Overseas of Volkswagen Financial Services AG. B.V., Amsterdam, Netherlands, a wholly owned subsidiary of Volkswagen Financial Services AG, acquired one share of External Employer Ranking Volkswagen Finance Belgium S.A., Brussels, Belgium, that had A strategic key performance indicator has been specified for been previously held by Volkswagen Financial Services N.V., financial services activities: external employer ranking. Amsterdam, Netherlands; this transaction was carried out as This involves Volkswagen Financial Services AG submit­ a result of a change in Belgian company law. As a conse­ ting itself to external benchmarking, generally on a two­year quence, Volkswagen Finance Overseas B.V. now holds all of cycle. the shares in Volkswagen Finance Belgium S.A. The Company’s aim is to position itself as an attractive On February 21, 2020, Volkswagen Financial Services employer and determine appropriate measures that will ena­ AG acquired 26 % of the shares in Glinicke Leasing GmbH, ble it to become a top­20 employer by 2025, not just in Europe, Kassel, from Glinicke Finanz Holding GmbH & Co. KG, but globally. For example, Volkswagen Financial Services AG Kassel. The purpose of this equity investment is, inter alia, was represented in various national and international best­ to include business bike leasing in the range of products employer rankings the last time it participated in 2019. Com­ offered to German fleet customers. In the meantime, the ing in eleventh place, it was among the top European employ­ company has been renamed to Digital Mobility Leasing ers in the “Great Place to Work” employer competition. GmbH. Volkswagen Financial Services AG | Annual Report 2020 6 Fundamental Information about the Group Combined Management Report Effective February 28, 2020, Volkswagen Financial Services AG Financial Services AG. The purpose of the spin­off and merger transferred the following equity investments to Volkswagen was to support the internal restructuring of the leasing busi­ Finance Overseas B.V., Amsterdam, Netherlands, a wholly ness in Poland. owned subsidiary of Volkswagen Financial Services AG, by On May 29, 2020, Volkswagen Finance Overseas B.V., Am­ means of a contribution in kind: sterdam, Netherlands, a wholly owned subsidiary of Volkswagen Financial Services AG, founded
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